In the wake of Hurricanes Katrina and Rita, the state of Louisiana has taken steps to make asset building a priority. The Louisiana Department of Social Services has embraced the concept of asset building, and is implementing programs that offer opportunities for asset building to low- and moderate-income residents.

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The Federal Reserve System and CFED have launched a new project to engage more Americans in building savings and ownership. Between June 2005 and April 2006, The Fed and CFED hosted Innovations in Asset Building Policy, Products and Programs, a series of forums across the country. The series brought together leaders in economic policy, community development, philanthropy, and the financial industry to advance their efforts to promote and support asset-building activities such as homeownership, business ownership, savings, and investment.

CFED gratefully acknowledges support for its role in the CFED-Federal Reserve System series of regional convenings on asset building from the Annie E. Casey Foundation, Citigroup, and the Ford Foundation.

The first forum of the series was held on June 27, 2005 at the Federal Reserve Bank of San Francisco. This forum, which focused on state and local policies and programs, drew more than 100 participants, including San Francisco Mayor Gavin Newsom who spoke about the city's Working Families Credit program.

The second forum of the series was held on December 8, 2005 at the Federal Reserve Bank of New York.  This forum focused on promising practices in the development and distribution of asset-building products and programs.

The third forum of the series was held on March 14, 2006 at the Federal Reserve Bank of Kansas City.  This forum focused on strategies for building assets in rural America.

The fourth forum of the series was held on April 19, 2006 at the Federal Reserve Bank of Atlanta.  This final forum focused on what roles financial institutions can play in expanding savings and investment products and services for low-income individuals.

Summary Roundtable - A final roundtable was held July 19, 2006, at the Federal Reserve Board of Governors in Washington, DC.  The purpose of the roundtable was to synthesize the information that had come from the joint initiative thus far and begin planning for next phases of work.

San Francisco Mayor Gavin Newsom addresses the inaugural asset building forum.
Photo: Federal Reserve Bank of San Francisco